King Salman approves recommendations of anti-commercial concealment program

Saudi Arabia’s King Salman today approved the recommendations of the national anti-commercial concealment program, Saudi Press Agency reported.

The program is aimed at developing the related regulations, in addition to encouraging e-commerce and the use of technical solutions.

The program also seeks to organize financial transactions, provide job opportunities and encourage investments.

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Ten government authorities are participating in the program, namely Ministry of Commerce and Investment (MOCI), Ministry of Interior, Ministry of Labor and Social Development, General Authority for Small and Medium Enterprises (Monshaat), Saudi Arabian General Investment Authority (SAGIA), The General Authority of Zakat and Tax (GAZT), Saudi Arabian Monetary Authority (SAMA), Ministry of Municipal and Rural Affairs (MOMRA) and others.

The recommendations include 16 initiatives, mainly the MOCI’s approval of the anti-commercial concealment law, while proposing amendments within 90 days from King Salman’s orders.

These initiatives will also include issuing the commercial concession law; boosting awareness pertaining to anti-commercial concealment and requiring businesses to implement technical solutions that contribute to the regulation of financial transactions.

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Monshaat will develop a package of financing solutions to help nationals invest in the business segments controlled by non-Saudis.

The Ministry of Labor will also study Saudization of business activities, dominated by commercial concealment and will also offer training programs in retail trade.

Additionally, SAGIA will study all means to encourage foreign investments, while GAZT will require all points of sale (POSs) to issue e-bills, in addition to cutting POSs fees for small retail outlets.